Bitcoin Cash, Ripple, and Cardano are currently in the top five of the cryptocurrencies rankings in terms of market cap at number three, four, and five respectively. In term of trading volume Ripple currently ranks number four, Bitcoin Cash ranks number six, and Cardano ranks number eleven, making all three currencies very liquid and easily tradable.
Currently, the entire cryptocurrency market seems to be in a “slow-down mode” as prices find an area of consolidation. News on the cryptocurrencies, both good and bad, seems to be the primary driver for significant price moves.
Furthermore, a significant move in one of the more popular cryptocurrencies, i.e. Bitcoin or Ethereum, causes moves in many of the others. It’s a good idea to be vigilant of all the top cryptocurrencies in terms of market cap and volume.
Bitcoin Cash (BCH)
Chart #1 below shows that Bitcoin cash has been range bound since January 22, 2018, with a support level at $1788.75, and a resistance level at $1498.87, which was tested near the end of the trading day today January 28th. Price has retraced to $1697.10 where it is trading at press time.
Throughout the time that Bitcoin cash has been trading in this range volume has been less than normal, and the momentum indicator has been hovering about the zero line. Bitcoin cash is more a reactionary cryptocurrency for which its price action is based on the movement of other cryptocurrencies. It’s very unlikely that Bitcoin cash will show any indications of breaking out of its range until the cryptocurrency market as a whole makes a substantial move.
Chart#1 Bitcoin Cash 30-minute
Ripple’s price action has been showing some indications of potential upcoming upward price moves. Chart #2 below shows a 30-minute price chart this displays back-to-back triangle patterns with an overall upward trajectory. This comes after bounced off of a significant support level at $1.17 just two days ago on January 26th.
Chart#2 Ripple 30-minute
Each asymmetric triangle pattern is followed by an upward price move with strong volume that exceeds the high of the triangle pattern, and is then followed by a price dip that forms another triangle pattern with the lower trend lines of each of the triangle patterns forming an overall upward trend line (as is displayed in purple in Chart #2). This pattern is indicative of interested traders and investors buying Ripple on the price dips. If the pattern continues, there is a high probability that an upward move is forthcoming.
Chart #3 Cardano 30-minute
Cardano has also traded in a range in which it has been trading since January 26th, as displayed in chart #3 above. A resistance level of $.6548 has been tested three times, while a support level of $.60 at the lower edge of the range has also been tested twice, and is being tested again at the time of this article.
Volume has been very tepid as price action winds through the range, and the momentum indicator shows weak momentum when the range is tested. It seems traders/investors of Cardano are taking a “wait-and-see” posture and holding off until this period of consolidation that the entire cryptocurrency market is undergoing comes to an end and volatility and volume pick up again.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of coinmarketcap.com
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…
My Crypto Heroes Announces Issuance of MCH Governance Token
Tokyo, Japan, 24th November, 2020, // ChainWire //
My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH.
My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.
What is MCH Coin?
MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.
Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.
The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:
During December 2020 the first governance…